We recognize that processing and issuing payments represents a significant burden on E&P customers and there is a need for more effective payment methods. In response to this need, Enverus has launched a new virtual card payment program. Brought to you by Corporate Spending Innovations (CSI), a preferred payment partner of OpenInvoice, the new Virtual Card payment option empowers operators to streamline the payment process and eliminate paper checks.
What Is a Virtual Card?
A virtual card works just like a credit card, but without plastic or hacking risk. A virtual card payment eliminates the risk of fraud because it is a single-use, unique 16-digit number generated to settle a specific dollar amount on a vendor’s invoice, with an expiry date. Virtual cards can be processed by anyone who accepts traditional credit card payments.
Why Use a Virtual Card for Payment?
This method of payment addresses the key concerns that organizations face with other forms of payment—cost, efficiency, and security.
Manual payments are costing you money.
The process of issuing and depositing checks costs U.S. businesses $26 billion annually. These are hard costs incurred by staff to process, print, and mail these payments. In addition, check fraud is on the rise. More than 1,000,000 checks are forged in the U.S. each day, resulting in $18.7B of fraud annually.
The market is changing.
The current level of payment automation in the U.S. is poised to increase significantly in the next three to five years. Why? The level of automation potential—and therefore the potential benefits through increased efficiency—is highest in payment processing, compared to the other areas of the source-to-settle cycle. With virtual cards, payment information is sent electronically with complete detailed remittance information and does not require any manual processing, leading to faster reconciliation.
*Tasks that can be digitized with minimal process changes using currently demonstrated technologies (“fully automatable” or “mostly automatable”) ** Source: McKinsey & Company
Virtual cards pay you back.
In today’s market, investors are putting pressure on operating companies to reduce G&A. With virtual cards, you can save money by reducing the labor-intensive processing of manual payments, as well as unlock a revenue-generating opportunity to offset back-office costs through the built-in rebate program. The Enverus Virtual Card payment program provides operators the ability to earn rebates from check and ACH disbursements migrated to card payments, based on a defined percentage of the total monthly transaction value. The higher the card spend levels, the higher the rebate dollars. And with no upfront fees, this program provides a significant opportunity for operators to realize an almost instantaneous new revenue stream within their AP process.
Who Is CSI?
The payments industry is a very specialized and competitive space. In order to deliver the best-in-class solution for our customers, we elected to partner with the leader in global electronic B2B payments—CSI. The company brings more than 29 years of payment expertise experience and is backed by a seasoned management team. CSI is PCI, SOC 2, and HIPAA compliant, has established partnerships with major U.S. banks, and is a certified processor of both Mastercard and Visa. CSI is a wholly-owned subsidiary of EdenRed.
Trusted global payments provider with:
- More than 10,000 corporate customers, including world-leading brands
- More than 3,000 integrated accounts payable implementations
- Programs in excess of $1 billion for its largest customers
A partner in program success
Vendor adoption is the most common challenge when implementing a successful virtual card payment program. CSI’s ability to manage the onboarding process not only unburdens your team to focus on other tasks but also leads to a higher adoption rate, resulting in additional program rebates.
A full solution payments provider
CSI offers fully integrated payables that allow your business to process 100% of your supplier payments globally through virtual card, ACH, check, and international wire—at any time, from any location. Managing integrated payments and optimizing your payment mix helps to reduce costs and generate revenue.
Learn more about Virtual Card by downloading the white paper, A Guide To Implementing Virtual Card In Your Payables Process.
To learn more, visit https://www.oildex.com/products/virtual-card/.